Chinese group Fosun buys office block in São Paulo, Brazil

28 July 2017

China’s Fosun group has paid 440 million reais (US$140.1 million) for Torre Sucupira, an office building in São Paulo, the economic capital of Brazil, the local press reported.

The Sucupira Tower, built by the Odebrecht group, was part of the portfolio of assets managed by investment fund HSI Investimentos, which in February 2016 paid 270 million reais to buy it from investor Saul Klein.

The building, located a few metres from the Morumbi Shopping and Market Place Shopping centres, has 36,602 square metres of covered area divided into 24 floors and five underground floors with spaces for 1,000 cars.

This deal is the second made by the Chinese group in Brazil after in 2016 it bought fund management company Rio Bravo Investimentos.

The Fosun group is one of the groups that has invested the most in Portugal in recent years, starting with the purchase by Fosun International Limited, a holding company listed in Hong Kong, of the Fidelidade insurance company, which was sold following the bankruptcy of the Espírito Santo financial group.

Through Fidelidade, the group subsequently acquired Luz Saúde, a company that owns a set of hospitals, clinics and residences for the elderly, and recently took control of 24% of Banco Comercial Português, the largest Portuguese private bank. (macauhub)